Suppose that you have purchased a European Call option on 1 share of Stock X at a strike Price of $20. The option premium is $4 per share.

Consider all possible market prices of Stock X on the expiration date. Answer the following questions:

1. What is the market price on the expiration date that will render your option position break-even?
2. What is the maximum possible profit from your position at the expiration?
3. What is the maximum possible loss from your position at the expiration? At what price(s) will you suffer such loss?